- The shares of Target (NYSE: TGT) have received a $235 price target from BofA Securities. These are the details.
The shares of Target (NYSE: TGT) have received a $235 price target from BofA Securities. And BofA Securities analyst Robert Ohmes is maintaining a “Buy” rating on the shares.
Ohmes adjusted the rating after the company reported first-quarter gross margins that declined 430 basis points year-over-year due to higher-than-expected freight and transportation costs as well as softer-than-expected sales in several categories that resulted in excess inventory. But Ohmes lowered his estimates on cost pressures, especially in the fiscal second quarter.
Plus Ohmes said he believes food inflation should continue to benefit traffic and comp sales as Target maintains competitive positioning in grocery and a strong value proposition while noting he believes the stock’s valuation remains attractive.
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